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Committee Detail

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.


CFTC - 305 - Agricultural Advisory Committee - Agency Authority
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameAgricultural Advisory CommitteeAgency NameCommodity Futures Trading Commission
Fiscal Year2020Committee Number305
Original Establishment Date6/8/1983Committee StatusChartered
Actual Termination Date Committee URLhttps://www.cftc.gov/About/AdvisoryCommittees/AAC
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*35
Current Charter Date8/19/2020Designated Fed Officer Position Title*Director of Legislative and Intergovernmental Affairs
Date Of Renewal Charter8/19/2022Designated Federal Officer PrefixMs.
Projected Termination Date Designated Federal Officer First Name*Summer
Exempt From Renewal*NoDesignated Federal Officer Middle Name
Specific Termination AuthorityDesignated Federal Officer Last Name*Mersinger
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*Commission Order 48 F.R. 26508Designated Federal Officer Phone*(202) 418-6074
Effective Date Of Authority*6/8/1983Designated Federal Officer Fax*
Exempt From EO 13875 Discretionary CmteExempt: Independent Regulatory AgencyDesignated Federal Officer Email*smersinger@cftc.gov
Committee Type*Continuing
Presidential*No
Committee Function*Non Scientific Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredNot Applicable
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*The AAC was formed to assist the Commission in obtaining information, advice and recommendations from agricultural producers, processors, storage providers, lenders and others interested in or affected by the agricultural derivatives markets. To this end, the AAC serves as a channel of communication between the Commission and the many agricultural and agriculture-related organizations. The AAC continues to fulfill its mission by 1) assisting the Commission in its efforts to assess the effects of its existing and new regulations on the derivatives markets for agricultural commodities, futures, and swaps markets and on the agricultural sector as a whole; 2) advising the Commission on matters related to the fulfillment of its statutory mandate to regulate the derivatives markets, generally, and agricultural markets, in particular; and 3) soliciting input from a broad cross-section of the agricultural sector whose knowledge and experience qualify them to provide support to items 1 and 2.
How is membership balanced?*The AAC charter includes a membership balance plan designed to elicit the broadest possible spectrum of viewpoints on issues relating to agricultural markets. Its members include representatives from: 1) agricultural producers and/or direct and indirect users/consumers of agricultural products, including general farm organizations, national commodity groups, and processing and marketing groups; 2) providers of agricultural credit; 3) other major market participants, including derivatives intermediaries, buy-side representatives, and exchanges; 4) regulators or representatives from other relevant government agencies, including representatives from the United States Department of Agriculture; and 5) academia or public interest groups.
How frequent & relevant are cmte mtgs?*The Commission’s goal is for the AAC to meet at least annually although the frequency of meetings may be adjusted depending on Commission priorities, budgetary considerations, and the availability of a sponsor. The Commission continues to rely upon and benefit from the advice and recommendations of the AAC's members.
Why advice can't be obtained elsewhere?*As the exclusive regulator of agricultural derivatives markets, the Commission has determined that it is necessary to obtain advice on issues directly impacting those affected by the regulation of these markets, as well as indirectly affected by the market's price discovery function. The AAC provides a forum to facilitate interaction with and communications between the Commission and the diverse agricultural and agriculture-related organizations represented on the AAC. The Commission has found that the most efficient and thorough means of obtaining such advice and facilitating such communications is through the current AAC framework, since, among other things, it would be difficult to assemble such a geographically diverse cross-section of persons that represent such a wide variety of agricultural organizations. Moreover, the AAC is the most cost effective way to access input and information, particularly since the Commission does not compensate members and does not provide for members' travel expenses and accommodations for meetings.
Why close or partially close meetings?N/A
Recommendation Remarks
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesNoAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryYesAction OtherNo
Outcome Increased Customer SatisfactionNoAction CommentN/A
Outcome Implement Laws/Reg RequirementsYesGrants Review*No
Outcome OtherYesNumber Of Grants Reviewed0
Outcome CommentThe AAC assists the Commission with assessing issues impacting agricultural producers, processors, lenders, and others interested in or affected by the agricultural commodity, futures, and swaps markets, and also contributes to pending rulemakings and policy considerations within the Commission.Number Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentN/AGrants Review CommentN/A
Number Of Recommendations*0Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentThere were no formal recommendations in FY 2020. However, in FY 2019, the AAC made a formal recommendation to the Commission that it should form a subcommittee to review its policies and guidance related to the Commission's statutory responsibility to approve amendments to contracts with open interest that are based on enumerated agricultural commodities. The FY 2019 recommendation was partially implemented in FY 2020.Access Agency WebsiteYes
% of Recs Fully Implemented*0.00%Access Committee WebsiteNo
% of Recs Fully Implemented CommentN/AAccess GSA FACA WebsiteYes
% of Recs Partially Implemented*100.00%Access PublicationsNo
% of Recs Partially Implemented CommentThe Commission approved the formation of the subcommittee and sought nominations through a federal register notice. The Commission expects the subcommittee to provide advice and recommendations on how the CFTC should evaluate the content and implementation of such contract amendments. The sponsor of the AAC intends to move forward with the formation of the subcommittee in the next fiscal year.Access OtherNo
Agency Feedback*Not ApplicableAccess CommentN/A
Agency Feedback Comment*N/ANarrative Description*The Commodity Exchange Act confers exclusive jurisdiction to regulate derivatives markets to the CFTC, including agricultural futures markets, with a mission of fostering open, transparent, competitive, and financially sound markets; avoiding systemic risk; and protecting market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products. The AAC supports this mission by providing feedback to the Commission on how its regulations and the evolution of derivatives markets uniquely impact agricultural producers, storage providers, processors, lenders, and others interested in or affected by the agricultural commodity, futures, and swaps markets. The CFTC’s strategic plan has five goals: 1) Strengthening Market Resilience and Integrity while Promoting Vibrancy; 2) Regulate Markets to Promote the Interests of all Americans; 3) Encourage Innovation and Enhance the Regulatory Experience Domestically and Abroad; 4) Be Tough on those who Break the Rules; 5) Focus on the Unique Mission and Improve Operational Effectiveness. Input to the Commission from the AAC supports all four of the CFTC’s strategic plan goals.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members*$0.00Est Payments to Non-Fed Members Next FY*$0.00
Payments to Federal Members*$0.00Est. Payments to Fed Members Next FY*$0.00
Payments to Federal Staff*$50,092.10Estimated Payments to Federal Staff*$45,000.00
Payments to Consultants*$0.00Est. Payments to Consultants Next FY*$0.00
Travel Reimb. For Non-Federal Members*$0.00Est Travel Reimb Non-Fed Members nextFY*$0.00
Travel Reimb. For Federal Members*$0.00Est Travel Reimb For Fed Members*$0.00
Travel Reimb. For Federal Staff*$735.67Est. Travel Reimb to Fed Staff Next FY*$0.00
Travel Reimb. For Consultants*$0.00Est Travel Reimb to Consultants Next FY*$0.00
Other Costs$18,123.60Est. Other Costs Next FY*$15,000.00
Total Costs$68,951.37Est. Total Next FY*$60,000.00
Federal Staff Support (FTE)*0.20Est. Fed Staff Support Next FY*0.30
Cost RemarksEst Cost Remarks
Hide Section - Interest Areas

Interest Areas

Category
Area
Agriculture
Agriculture
Business
Business and Domestic Commerce
Finance
Finance
Legislation
Regulations
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-035112Agricultural Advisory Committee2019
 COM-032637Agricultural Advisory Committee2018
 COM-001254Agricultural Advisory Committee2017
 COM-003174Agricultural Advisory Committee2016
 COM-003265Agricultural Advisory Committee2015
 COM-005133Agricultural Advisory Committee2014
 COM-005386Agricultural Advisory Committee2013
 COM-007410Agricultural Advisory Committee2012
 COM-007515Agricultural Advisory Committee2011
 COM-009528Agricultural Advisory Committee2010
 COM-009710Agricultural Advisory Committee2009
 COM-011360Agricultural Advisory Committee2008
 COM-011519Agricultural Advisory Committee2007
 COM-013243Agricultural Advisory Committee2006
 COM-013370Agricultural Advisory Committee2005
 COM-015175Agricultural Advisory Committee2004
 COM-015317Agricultural Advisory Committee2003
 COM-017065Agricultural Advisory Committee2002
 COM-017273Agricultural Advisory Committee2001
 COM-019054Agricultural Advisory Committee2000
 COM-019268Agricultural Advisory Committee1999
 COM-020931Agricultural Advisory Committee1998
 COM-021084Agricultural Advisory Committee1997